Oil Rises on Strong Chinese Data, US Moves on War in Ukraine
Global benchmark Brent rose above $71 a barrel, after gaining 3% last week. China ended the first half of the year with a record trade surplus, with factories riding out the tariff roller-coaster that upended global commerce.
Trump promised a 'major statement' later on Monday that could see him outline measures to address the war in Ukraine, including potential updates to US sanctions policy. Ahead of that, the president told reporters in the US on Sunday that Washington would send Kyiv more weapons.
Meanwhile, official Chinese trade data showed crude imports have risen so far this year. The country's purchases of Iranian barrels jumped in June, according to data from Vortexa.
'Chinese crude imports were very solid, so it seems there is a demand for barrels,' said Giovanni Staunovo, an analyst at UBS AG in Zurich. 'Secondly, everyone is awaiting Trump's announcement on Russia.'
Still, concerns over impediments to global growth may be tempering gains. Trump threatened 30% tariffs on goods from the European Union and Mexico hurting appetite for risk and the outlook for energy demand.
Oil is still almost 5% lower this year as traders and investors balance geopolitical tensions in the Middle East, which stoked concern over supplies, with the US-led trade war threating to crimp global demand. OPEC is relaxing supply curbs, which could lead to a crude glut in the second half of the year.
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With assistance from Sarah Chen.
This article was generated from an automated news agency feed without modifications to text.
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Hindustan Times
3 minutes ago
- Hindustan Times
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Hindustan Times
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